Student’s Question:

I chose the Head and Shoulders Pattern of the USD/JPY daily Chart which also shows interesting entry points when the Exponentional Moving Averages (EMA’s) are being used.

You will find the the following EMA’s on the chart: 200, 50, 20 and 10. Based on the 200 EMA-line the trend of the currency pair is a Down Trend. Therefore I will not be tempted to place trades against the trend. The chart shows 2 crossovers situations that can be qualified as higher probablility trades: The EMA 10 crosses below EMA 20 and EMA 20 crosses below EMA 50 almost on the same moments of time.

Please comment on my placed limit orders. Am I taking my profits to fast?

Thanks

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Avoiding Taking Profits Prematurely